Given the following account balances from a trial balance: Deferred Inflows – Property Taxes. $40,000 Revenues. 900,000 Expenditures. 700,000…
Given the following account balances from a trial balance:
Deferred Inflows – Property Taxes…. $40,000
Revenues……………………………. 900,000
Expenditures………………………… 700,000
Encumbrance……………………….. 20,000
Special Item (sale of land)………….. 15,000
Total Fund Balance………………… 62,000
The CLOSING ENTRIES would include a:
I. Credit to Fund Balance of $235,000
II. Credit to Special Item of $15,000
A. I only B. II only C. Both I & II D. Neither I nor II
